As cryptocurrencies gain popularity, employers are considering how they can be used as part of compensation arrangements and benefit plans to attract and retain talent. McDermott Partners Andrew Liazos, Andrea Kramer and Brian Tiemann recently offered their perspectives about cryptocurrency, Internal Revenue Service (IRS) taxation guidance of convertible virtual currencies and other cryptocurrency-related compensation issues in an American Bar Association virtual event.
Cryptocurrency for Employee Benefits Lawyers: What You Need to Know
Tags: 401(k) plan, bitcoin, blockchain, cryptocurrency, decentralized finance, DeFi, digital assets, digital wallet, Employee Retirement Income Security Act of 1974, ERISA, ETFs, Ethereum, exchange-traded funds, fair market value, individual retirement account, Internal Revenue Service, IRAs, IRS, mining, NFTs, non-fungible token, SEC, staking, straddle rules, tax basis, US Securities and Exchange Commission, virtual currency, wash sales
Andrew LiazosAndrew C. Liazos heads the Firm's Executive Compensation Group and the Boston Employee Benefits Practice. Andrew focuses his practice on compensation and benefit matters, including related securities, M&A, IPO, private equity, international and litigation matters. Clients range from Fortune 500 companies to compensation committees to individual executives in employment and severance negotiations. Read Andrew Liazos' full bio.
Andrea KramerAndrea (Andie) S. Kramer has a sophisticated and unique multi-disciplinary legal practice that covers all aspects of financial transaction, derivatives, cryptocurrency, and energy transactions. She focuses on taxation, regulation, contract design, documentation, and trading operations. Andie helps clients successfully resolve difficult legal situations, including federal and state regulatory matters, adversarial proceedings, and tax planning and compliance issues. She addresses interrelated business objectives, regulatory and legal requirements, and public policy. Read Andie Kramer's full bio.
Brian TiemannBrian J. Tiemann counsels public and private companies on a broad range of employee benefit matters, including matters related to pension plans, 401(k) plans and executive and incentive compensation. He advises plan fiduciaries with respect to their fiduciary duties, investment policies and alternative investments. He also advises multinational clients on global employee benefits matters, particularly with respect to global incentive compensation plans. Brian has extensive experience negotiating investment management agreements and service provider agreements. Read Brian Tiemann's full bio.
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